FORT WORTH, TEXAS — Commercial real estate firm Henry S. Miller has brokered the acquisition of Fort Worth’s Town West shopping center by Custer Properties LLC. The buyer plans several improvements for the property, which totals 33,269 square feet and is located at 6700 Camp Bowie Blvd., in close proximity to the Highway 183 interchange. Shawn Loney-Rider of Henry S. Miller represented Custer Properties in the transaction, while Jason Middlebrook of SRS Real Estate Partners represented the seller, Town West Shopping Center LLC.
SLIDELL, LA. — RCG Ventures has acquired the 144,638-square-foot Village at Northshore, a shopping center located in Slidell, within the New Orleans MSA. Bed Bath & Beyond, JoAnn, Marshalls, Baskins and Dollar Tree anchor the center. Jones Lang LaSalle represented the seller in the transaction.
RICHMOND, VA. — Capstone Advisors, a real estate investment, development and advisor firm based in Carlsbad, Calif., has purchased The Shops at Wellesley in Richmond. The 42,250-square-foot center is located in the Short Pump area of suburban Richmond and serves the affluent Wellesley neighborhood. Current tenants include daycare center Minnieland, Wellesley Animal Hospital and Vinnie's Italian Grill. Capstone Advisors plans to hold the center for a long-term investment. The center is part of a three-property, $16 million acquisition that Capstone recently announced. The other two properties are located in California and Arizona.
PARAGOULD, ARK. — Belk has announced its 10,000-square-foot expansion at Town West Shopping Center in Paragould, a city in northeast Arkansas. The $1.8 million project will include updated decor with new paint, carpet, tiled aisles and lighting. The remodeled 48,000-square-foot store is set for a mid-October grand reopening. Real Estate Southeast LLC handled the lease expansion.
HUTCHINSON, KAN. — The Boulder Group has completed the $1.2 million sale of a single-tenant retail property located at 1418 E. 4th Ave. in Hutchinson. Aaron’s is the sole occupant of the 7,200-square-foot retail building, which was developed in 2011. The lease has 13 years remaining and features 7.5 percent rental escalations every five years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller in the transaction, a private Midwest-based investment firm. A Texas-based investment partnership was the buyer.
WILBURTON, OKLA. — Quantum Real Estate Advisors has brokered the sale of an 8,000-square-foot build-to-suit retail building leased to Family Dollar in Wilburton, approximately 120 miles south of Tulsa. At the time of sale, the tenant had nine years remaining on an initial 10-year, double net lease. Quantum’s Jordan Kaufman represented the seller, a private developer based in Houston, and the buyer, a private 1031 tax-deferred exchange buyer from California.
NEW YORK CITY — KZA Realty Group Inc. (KZA) has brokered three commercial real estate deals in the Bronx for a combined total of $3.7 million. KZA represented both seller and buyer in each of the transactions. Uzi Shvut of 699 MP Realty LLC purchased a 21,850-square-foot retail strip center at 699-723 Morris Park Ave. from 699 Morris Park Avenue Corp. for $2 million. At 33 West Tremont Ave., Brightside Academy leased 7,272 square feet of daycare space and 1,500 square feet of outside play area from landlord Atlantic Development. Rent for the initial 10-year term will total $1.6 million. At 1468 Williamsbridge Road, Yonkers Contracting leased 2,500 square feet of second floor office space from landlord Bronx Home.
HOUSTON — NewQuest Epic Investments has acquired the 193,595-square-foot Easton Commons Shopping Center, located at the corner of Highway 6 and West Road in Houston’s Copperfield master-planned community. The property is anchored by Kroger Signature and Studio Movie Grill. The investment arm of full-service retail real estate company NewQuest Properties, NewQuest Epic Investments plans to remodel Easton Commons as part of its value-add strategy.
CORPUS CHRISTI, TEXAS — Fort Worth-based Trademark Property Company has added DSW to the list of tenants at The Shops at La Palmera, a 200,000-square-foot outdoor shopping center in Corpus Christi, located across from super regional mall La Palmera. Construction of the 18,000-square-foot space for DSW is underway, as well as the future homes of Jared the Galleria of Jewelry, Dick’s Sporting Goods, T.J. Maxx and HomeGoods. This will be the first location in Corpus Christi for DSW, which currently operates 376 stores in 42 states, Washington, D.C. and Puerto Rico.
EVERGREEN PARK, ILL. — Inland Real Estate Corp. has announced that its joint venture with Dutch pension fund advisor PGGM has entered into a joint venture partnership with IBT Group LLC and Pine Tree Commercial Realty to develop Evergreen Promenade, a 92,512-square-foot shopping center in metro Chicago. Mariano’s will occupy 75,000 square feet and anchor the retail property located in Evergreen Park, about 15 miles south of Chicago. The shopping center will draw from a population base of 225,400 with average household incomes of approximately $65,300 within a three-mile radius. Including the lease signed with Mariano’s, Evergreen Promenade is more than 80 percent pre-leased. The joint venture intends to begin construction on the center this fall and expects Mariano’s to open in fall 2014. Upon completion, Inland’s joint venture with PGGM will have the option to acquire 100 percent ownership in the shopping center.